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Marianna [84]
3 years ago
15

How much simple interest would you earn on $1,000 if you left it in an account for 9 months? The account pays 3% simple interest

for 1 year. Explain how you found your answer. ​
Mathematics
1 answer:
lubasha [3.4K]3 years ago
3 0

Answer:

I=\$22.5

Step-by-step explanation:

we know that

The simple interest formula is equal to

I=P(rt)

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

t=\frac{9}{12}\ years  ----> one year is equal to 12 months

P=\$1,000\\r=3\%=3/100=0.03

substitute in the formula above

I=1,000(\frac{9}{12})(0.03)

I=\$22.5

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